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Trending ETFs

Name

As of 06/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.66

$35.8 M

4.62%

$0.40

1.21%

Vitals

YTD Return

0.5%

1 yr return

4.8%

3 Yr Avg Return

-3.3%

5 Yr Avg Return

0.2%

Net Assets

$35.8 M

Holdings in Top 10

12.9%

52 WEEK LOW AND HIGH

$8.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.21%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 121.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.66

$35.8 M

4.62%

$0.40

1.21%

PKPIX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -3.3%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.12%
DIVIDENDS
  • Dividend Yield 4.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PPM Core Plus Fixed Income Fund
  • Fund Family Name
    Ppm America
  • Inception Date
    Jul 16, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Kennedy

Fund Description

The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified portfolio of debt securities of US and foreign issuers such as government, corporate, mortgage-backed securities and other asset-backed securities and cash equivalents. The Fund’s average portfolio duration will normally vary within two years (plus or minus) of the duration of the Bloomberg US Aggregate Bond Index. Duration is a measure of a bond price’s sensitivity to a change in interest rates. Generally, the longer a bond’s duration, the greater its price sensitivity to a change in interest rates. For example, portfolio duration of two years means that if interest rates increased by one percent, the value of the portfolio would decrease by approximately two percent. The Fund seeks to manage duration versus the duration of the benchmark as a reflection of its expectation for future changes in interest rates.

The Fund may invest up to 20% of its total assets in securities rated below investment grade (sometimes referred to as “high yield” securities or “junk bonds”), including floating rate loans and securities of distressed companies. High yield or junk bonds are bonds that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be below investment-grade quality by PPM. Investment grade securities could include split-rated securities, which are securities that are rated as investment grade by at least one credit rating agency but rated below investment grade by another agency. Below investment grade securities offer a higher yield, but generally carry more risks than higher rated securities with similar maturities. As a result, an investment in below investment grade securities is considered speculative. The Fund may invest without limit in US dollar-denominated securities of foreign issuers, up to 15% of which may be issued by issuers based in emerging markets. Emerging market countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard & Poor’s Corporation or recognized to be a developing country by the United Nations.

For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the fixed income instruments mentioned above such as futures contracts or swap agreements. Specifically, the Fund may use futures to hedge duration or to increase the Fund’s exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices (CDX) to increase or decrease the Fund’s exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may, subject to applicable law, invest without limitation in derivative instruments. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into purchase and sale contracts of mortgage pools or by using other investment techniques subject to applicable law (such as dollar rolls).

Additionally, the Fund has the ability to invest in other investment companies, such as exchange-traded funds (“ETFs”), money market funds, unit investment trusts and open-end and closed-end funds, including affiliated investment companies. The Fund may also invest in contingent convertible securities, sometimes referred to as “CoCos.” CoCos are a form of hybrid debt security issued by banking institutions that are intended to either automatically convert into equity or have their principal written down upon the occurrence of certain pre-specified trigger events.

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PKPIX - Performance

Return Ranking - Trailing

Period PKPIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -7.1% 4.9% 23.42%
1 Yr 4.8% -6.7% 12.5% 15.83%
3 Yr -3.3%* -10.9% 26.1% 59.92%
5 Yr 0.2%* -7.2% 190.8% 48.22%
10 Yr N/A* -2.6% 73.5% N/A

* Annualized

Return Ranking - Calendar

Period PKPIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -16.2% 8.1% 13.43%
2022 -16.4% -34.7% 131.9% 63.64%
2021 -4.7% -11.6% 4.4% 90.18%
2020 3.3% -10.1% 946.1% 64.55%
2019 5.6% -1.7% 16.9% 52.38%

Total Return Ranking - Trailing

Period PKPIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -7.1% 4.9% 23.42%
1 Yr 4.8% -6.7% 12.5% 15.83%
3 Yr -3.3%* -10.9% 26.1% 59.92%
5 Yr 0.2%* -7.2% 190.8% 48.22%
10 Yr N/A* -2.6% 73.5% N/A

* Annualized

Total Return Ranking - Calendar

Period PKPIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -11.3% 11.0% 17.78%
2022 -14.0% -32.2% 131.9% 63.95%
2021 -2.5% -9.4% 9.2% 94.39%
2020 10.0% -1.9% 1009.0% 18.62%
2019 7.5% 1.1% 21668.0% 81.18%

NAV & Total Return History


PKPIX - Holdings

Concentration Analysis

PKPIX Category Low Category High PKPIX % Rank
Net Assets 35.8 M 2.9 M 314 B 95.18%
Number of Holdings 452 1 17816 67.47%
Net Assets in Top 10 4.82 M 1.57 M 34.8 B 98.59%
Weighting of Top 10 12.92% 4.4% 132.5% 86.05%

Top 10 Holdings

  1. Treasury, United States Department of 2.40%
  2. State Street Navigator Securities Lending Government Money Market Portfolio 2.02%
  3. iShares iBoxx $ Investment Grade Corporate Bond ETF 1.60%
  4. Treasury, United States Department of 1.22%
  5. State Street U.S. Government Money Market Fund 1.19%
  6. Federal National Mortgage Association, Inc. 1.03%
  7. iShares MBS ETF 0.94%
  8. Treasury, United States Department of 0.86%
  9. Treasury, United States Department of 0.84%
  10. Treasury, United States Department of 0.82%

Asset Allocation

Weighting Return Low Return High PKPIX % Rank
Bonds
95.70% 0.00% 211.59% 49.65%
Convertible Bonds
3.56% 0.00% 7.93% 5.78%
Cash
3.21% -54.51% 87.74% 42.09%
Stocks
2.74% 0.00% 99.99% 5.93%
Other
0.04% -16.94% 53.20% 80.26%
Preferred Stocks
0.00% 0.00% 74.98% 82.07%

Stock Sector Breakdown

Weighting Return Low Return High PKPIX % Rank
Utilities
0.00% 0.00% 100.00% 72.35%
Technology
0.00% 0.00% 43.45% 61.74%
Real Estate
0.00% 0.00% 99.26% 66.24%
Industrials
0.00% 0.00% 48.31% 66.88%
Healthcare
0.00% 0.00% 17.70% 67.85%
Financial Services
0.00% 0.00% 100.00% 72.99%
Energy
0.00% 0.00% 100.00% 11.58%
Communication Services
0.00% 0.00% 100.00% 73.95%
Consumer Defense
0.00% 0.00% 99.67% 63.67%
Consumer Cyclical
0.00% 0.00% 100.00% 66.56%
Basic Materials
0.00% 0.00% 100.00% 66.56%

Stock Geographic Breakdown

Weighting Return Low Return High PKPIX % Rank
US
2.74% 0.00% 99.99% 5.94%
Non US
0.00% 0.00% 86.42% 74.32%

Bond Sector Breakdown

Weighting Return Low Return High PKPIX % Rank
Corporate
52.16% 0.00% 100.00% 7.40%
Securitized
29.19% 0.00% 98.40% 51.22%
Government
15.69% 0.00% 86.23% 73.43%
Cash & Equivalents
3.21% 0.00% 83.04% 40.58%
Municipal
0.26% 0.00% 100.00% 58.11%
Derivative
0.04% -9.72% 50.66% 45.62%

Bond Geographic Breakdown

Weighting Return Low Return High PKPIX % Rank
US
95.70% 0.00% 211.59% 45.42%
Non US
0.00% 0.00% 33.48% 84.49%

PKPIX - Expenses

Operational Fees

PKPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.21% 0.01% 39.10% 17.81%
Management Fee 0.40% 0.00% 1.76% 68.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.10% 0.01% 0.50% 58.19%

Sales Fees

PKPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PKPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PKPIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 121.00% 2.00% 493.39% 47.39%

PKPIX - Distributions

Dividend Yield Analysis

PKPIX Category Low Category High PKPIX % Rank
Dividend Yield 4.62% 0.00% 10.11% 34.57%

Dividend Distribution Analysis

PKPIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

PKPIX Category Low Category High PKPIX % Rank
Net Income Ratio 2.12% -1.28% 4.79% 24.50%

Capital Gain Distribution Analysis

PKPIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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PKPIX - Fund Manager Analysis

Managers

Michael Kennedy


Start Date

Tenure

Tenure Rank

Jul 16, 2018

3.88

3.9%

Mike Kennedy is a senior managing director and portfolio manager on the total return fixed income team at PPM. He is responsible for investment and allocation decisions for several of the firm’s fixed income strategies, including core plus fixed income, credit, long short credit, and strategic income which are managed on behalf of institutional and retail investors globally. Prior to joining PPM in 2006, Mike was a senior vice president and portfolio manager for Columbia Management Group (formerly Stein Roe & Farnham) where he managed fixed income mutual funds and institutional client portfolios. Previously, he worked as the assistant director of portfolio management for Homewood Federal Savings & Loan. Mike earned an MM from Northwestern University and a BS in business administration from Marquette University. He is also a CFA® charterholder.

Joshua Settle


Start Date

Tenure

Tenure Rank

Oct 15, 2021

0.62

0.6%

Josh Settle is a senior managing director and portfolio manager on the fixed income team at PPM. He is responsible for investment and allocation decisions for the firm’s core plus fixed income strategy, which is managed on behalf of investors globally. Prior to his current role, Josh was a senior managing director and head of credit trading, responsible for overseeing a team of credit traders and for trade execution in the utility, retail, consumer goods, leisure, services, healthcare, taxable municipals and CDX/ETF industries. Prior to joining PPM in 2010, he was a Corporate Bond Portfolio Manager in the Fixed Income, Long Duration division of the Northern Trust Global Investments business unit.He joined Northern Trust in 2003, as part of the GOLD Program, Global Opportunities in Leadership Development, an enterprise-wide leadership development program designed to prepare young professionals. The Program focuses on Northern Trust’s product and service offerings, client focus and commitment to quality. Josh earned a bachelor’s degree in finance and economics from the University of Iowa. He is a CFA charterholder and a member of the Investment Analyst Society of Chicago.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16